Modo Ahorro account
Modo Ahorro: small measures, great achievements.
That's what you get with Modo Ahorro, our piggy bank account, so you can save without even noticing. An account with tools to help you get, with very little effort, what you need or what you've dreamt about.
- Modo Ahorro is a free deposit account with no maintenance fee (0% NIR, 0% AER).EXAMPLE
- If you need the money you've deposited in a Modo Ahorro account, you can just transfer it back to your current account.
- The tools available are customisable, you choose how you want to systematise your savings.
- Whether through the website or the app, you can sign up and check how much you have saved.
Three small measures to help you save without even realising it.
You can round up your card purchases.
Content You can round up your card purchases.You can allocate a percentage of your income.
Content You can allocate a percentage of your income.You can set up regular transfers
Content You can set up regular transfersYou decide the amount and frequency.
Here is an example with a purchase of €6.30. You could round it up in three different ways:
- 1€. €0.70 would go to your Modo Ahorro account.
- 2€. €1.70 would go to your Modo Ahorro account.
- For any other amount you choose (e.g. €5), €4.70 would be transferred to the Savings Mode account.
The amount resulting from the method you have chosen will be taken from your current account, not from your card.
Shall we begin? It's as easy as answering these questions:
What are you saving for?
As you know, saving for the sake of saving is harder – name your goals: trip to Lisbon, a new smartphone ... You can register all your goals and customise them with the help of our image gallery: more enthusiasm, more motivation.How much would you like to save?
It will depend on your goal – none is too big or small, it is just yours: ¿300€? ¿1.000€? ¿6.000€?By when?
Grab the calendar and set a deadline for your goal, we will take note and keep you updated on the “countdown”. And if you change your mind, you can adjust your target as many times as you like, both in terms of amount and timeframe.Get to it, it's easier than ever:
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Open your Modo Ahorro account
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Define your goal.
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Select the tools that best suit you.
Does that little voice in your head say you should “save, save”?
FAQs
If I open a Modo Ahorro account with more than one holder, do the other holders have to sign the agreement too?
No, Modo Ahorro accounts are opened under the same names as the original account. The other holders will receive an email informing them that the Modo Ahorro account has been opened. Only the other holders, not their legal representatives.
If you open a Modo Ahorro account with another person, the savings goals you set will be individual. In other words, each account holder can set their own savings goals and rules, which will not be visible to the other account holder. But the money saved will continue to be joint and will be deposited in your Modo Ahorro account.
How do I return to Modo Ahorro after I have set my goal?
Go to your account overview, click the three dots to the right of your Modo Ahorro account and then click “Go to Modo Ahorro”.
Can I have a card associated with my Modo Ahorro account or set up a direct debit for my bills, tax payments or have my salary paid into my Modo Ahorro account?
As an account designed to help you save money, the Modo Ahorro account does not allow credit or debit cards to be issued, chequebooks to be associated with the account, payments with cheques, cash transfer orders or any type of direct debit.
You can only transfer money to the account associated with your Modo Ahorro account.
What is the maximum number of Modo Ahorro accounts that I can have at the same time?
You can have a maximum of three Modo Ahorro accounts and they must also be under different names. However, for each Modo Ahorro account, you can set all the goals you want.
What account does the money I save come from?
All the money you save will come from the account associated with your Modo Ahorro account. For example, if you have chosen the savings method of rounding up purchases made using a associated with another account, the amount will be debited from the current account you have associated with the Modo Ahorro account. The same goes if the method chosen is a percentage of the income in another account not associated with the Modo Ahorro account: the amount will be debited from the current account associated with the Modo Ahorro account.
What's more, you cannot change the account associated with your Modo Ahorro account.
When is the amount saved in the source account transferred to the Modo Ahorro account?
The deposit into the Modo Ahorro account and, therefore, the transfer of the amount saved from the associated account is performed once a day, specifically, the day after the transaction established as a savings method was performed. For example, if you have chosen to round up card purchases, you will see the charge in the account associated with your Modo Ahorro account the following day. We will group together all the purchases made that day, meaning you will only see one debit in your account .
Can I transfer money directly from one of my savings goals to my Modo Ahorro account?
Yes, but you must bear in mind that the money transferred will not be in the associated account until the following day. This transfer is not immediate.
How do I transfer the money from my Modo Ahorro account to the associated account?
There are two ways to do this:
- Go to your account overview and click the three dots to the right of your Modo Ahorro account. Then click the “Withdrawals” option. You can transfer some or all of the funds you have saved, which appears immediately in your associated current account, just like any internal transfer between your accounts.
- Go to Modo Ahorro, select the goal you want to redeem and click “Receive your Savings” in the “Transactions” option. With this option, you have to transfer the entire amount saved, which finishes the goal. The funds will be available in the associated current account the next day.
Can I customise the name of each of my Modo Ahorro accounts?
Yes, in fact, if you have various Modo Ahorro accounts, we recommend you establish an alias for each one.
Why do I have duplicate or triplicate charges in my current account associated with the Modo Ahorro account?
If you have multiple savings goals, as many charges are made as there are registered goals in which you have included the same savings method. For example, if you have three goals for which you have established a percentage of your income as a savings method, you will see three charges in the linked account. The goal linked to each charge will also appear so you can identify it.
If I withdraw money from my Modo Ahorro account, which goal is that amount deducted from?
When you withdraw money from your Modo Ahorro account, you will have to log into the tool and tell us which goal you want to deduct that money from.
Can I delete one of my savings goals?
Of course; however, the amount saved must be zero, meaning you need to transfer it to another goal or to your Modo Ahorro account.
Can a minor open a Modo Ahorro account?
No, Modo Ahorro accounts can only be opened by adults.